released from prison By the way, that is fanciful gangster slang from a musical. Nobody talks like that, or ever did, I'll bet.
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cho7712When you meet a mug lately out of the jug And he's still lifting platinum folderolWhen you meet a man recently released from prison and he is still stealing jewelry ...
cho7712it seems not to be intended for the real-life useNo. Not for use in ordinary conversation. It would be very rare indeed to find someone who speaks in Broadway musical lyrics.
Lately out of the jug
= just released from prison
lifting platinum folderol
= (risking the) stealing of rich geegaws (trinkets), ,trifling but expensive objects and jewelry. The implication is either to give the stolen items to the woman the thief is enthralled with, or to fence them for cash to spend on her.
So enthralled with a woman he risks going back to jail for h